On Ethereum block number 12,965,000 on August 5, Eden Network will go fully operational. The Eden Network’s mission is to protect users against malicious MEV and make Ethereum safer for regular users. Eden Network also improves the earnings of Ethereum block producers and increases the security of the network. The network will launch with support from several major Ethereum mining pools and a strong community that includes some of the biggest projects in crypto.
By improving the security and execution of transactions for traders, providing reliable access to block priority for DeFi applications, and giving a supplementary revenue stream to miners, Eden Network functions as a core upgrade for all stakeholders on the Ethereum Network.
Key challenges that have been looming over the Ethereum community for months — the dark forest, malicious MEV, and a sharp drop in miner revenue post EIP-1559 — have all been elegantly addressed by the Eden Network, while maintaining chain consensus and improving the security of Ethereum.
Thousands of hours of work from some of the best and brightest in the industry have culminated to develop this protocol — which we’re immensely proud to stand behind.
What is Eden Network?
Eden Network is a priority transaction network that protects Ethereum traders from malicious MEV and arbitrary reordering. Backed by some of the largest Ethereum mining pools, Eden creates new incentives for block producers following the implementation of EIP-1559 and redistributes miner extractable value (MEV) in a more equitable way.
In technical terms, Eden Network is an optional, non-consensus breaking ordering protocol. The protocol creates a transparent and fair set of rules to order transactions within each block.
Eden Network takes a user-focused approach to the MEV problem, and includes stronger incentives for all stakeholders driven by a protocol token. It comprises a novel transaction ordering mechanism and a private relayer that any user, application, or bot can leverage in order to obtain state guarantees around submitted transactions.
The goals of the Eden Network are:
- Improve earnings for block producers and increase consensus-level security
- Protect users from malicious MEV (frontrunning, sandwich attacks, etc.) and reduce the negative externalities MEV has on Ethereum
- Tokenize MEV, and democratize access to it using network token incentives
Humble Origins
Eden Network grew out of a project formerly called Archer DAO. Archer DAO was backed by a team of MEV researchers and builders that worked on tools that sought to improve the efficiency of Ethereum and help miners make more revenue.
On July 26, 2021 the Archer DAO community passed a governance proposal that rebranded and upgraded the network to the Eden Network Token ($EDEN). This change effectively migrated the ARCH token and added new utility to EDEN tokens. The Eden Network subsequently launched on August 2, 2021.
While the Archer DAO community is a core part of Eden Network’s founding community, other important participants, including core members of the TaiChi Network, also contributed work to the network design and token model.
Using Eden Network
Eden Network is transparent and open by design, with benefits for all users, from DeFi applications, to trading desks, to DEX traders. Eden Network allows participants to rent slots that guarantee placement within Ethereum blocks. The participants who rent the top three slots of Eden Network are called “Slot Tenants.”
One of the easiest ways to use the Eden Network is through a Slot Tenant. For example, at the time of writing, Sushi is one of the Slot Tenants. This means that anyone using SushiSwap gains access to the Eden Network to process their trades, which helps protect them from MEV and guarantees priority execution. The network, and its features, are automatically inherited by all users of a Slot Tenant.
Eden Network also supports transaction bundling services, like Flashbots, behind Slot Tenants. If users prefer to use a transaction bundling service, the network makes sure their transactions are also prioritized.
Behind transaction bundling services, anyone who stakes $EDEN tokens can can gain priority placement in the block. Within an Eden block, transactions are ordered by the sender’s relative stake of $EDEN tokens. By just staking tokens, users get special priority placement, which can mean lower slippage and better trading prices. Users that use Eden’s RPC, additionally gain the benefit of private transactions. For DeFi users and applications, it means that they can negotiate priority block space and submit special transactions with protection from malicious MEV.
Behind staked users, the Eden Network goes to work processing the rest of the transactions that are in the public transaction pool.
Eden Network Launch
The network will be fully active with the London activation block. You can use the Eden Network by staking $EDEN and setting up the Eden RPC in your MetaMask wallet, giving all of your transactions protection, or by using one of the Slot Tenants, such as Sushi.
We invite you to join the community and get involved. There’s work to be done and problems to be solved. Please feel free to ask questions on the official Telegram and Discord channels, and give our whitepaper a read.